Popular meme coin Shiba Inu (SHIB) saw its price decline 2.07% over the past 24 hours to $0.00000800, down from $0.00000816 yesterday. The cryptocurrency currently has a market capitalization of $4.70B and saw $89.07M in trading volume over the past day. This price drop comes amidst a period of sideways trading for SHIB over the past month. Let's take a closer look at the key metrics and trends to better understand the current state of the Shiba Inu market.

The 1-hour percentage change for SHIB shows a small gain of 0.46%, indicating some short-term buying pressure. However, looking at the 1-day and 7-day percentage changes paints a bearish picture. SHIB is down 2.07% for the day and 1.23% for the week, suggesting selling pressure is outweighing buying interest over these longer time frames.

Zooming out further reveals the longer-term downtrend SHIB has been stuck in. The 1-month percentage change shows a loss of 3.40%, while the 6-month change is firmly in the red at -36.15%. SHIB has struggled to gain upward momentum since its massive rally in late 2021. Sentiment and hype have cooled considerably among retail traders.

Shiba Inu's technical chart reflects the challenges bulls have faced. Following the 2021 rally to an all-time high of $0.00008845, SHIB has formed lower highs and lower lows. Previous support levels have failed to hold up, with SHIB consolidating between $0.0000065 and $0.0000085 for the past four months. Volume has trended downward overall during this period of sideways chop.

The cryptocurrency now faces resistance around $0.0000088 where it topped out several times in early 2022. This level also roughly aligns with the 200-day moving average, adding to its technical significance. Bulls will need to push SHIB decisively above this area to put the crypto back in an uptrend. The 50-day MA near $0.0000075 also looks to be an area of contention.

On the flipside, the $0.0000065 support area is key to hold. A drop below this zone risks accelerating selling momentum and exposing the June 2022 lows around $0.0000050. The daily Relative Strength Index (RSI) for SHIB reflects the indecision in the market, meandering between 40 and 60 for months. Until bullish momentum picks up, SHIB appears prone to further choppy consolidation.

What's Next for Shiba Inu? A 6-12 Month Price Outlook

Given the lackluster price action and deterioration in sentiment, Shiba Inu may continue trading sideways over the next 6-12 months barring any major new catalysts. The crypto hype cycle has cooled substantially from 2021 peaks, and SHIB has yet to see large adoption as a payment method. It faces stiff competition from alternative meme coins like Dogecoin as well as institutional darlings like Solana and Polygon.

Speculative manias tend to run in cycles, so another massive SHIB run is certainly possible. However, it likely requires rebuilding momentum and interest from retail traders. The Shiba Inu developers would need to expand the project's utility to help drive this. The launch of Shibarium, a Layer 2 network, aims to do just that. But the timing remains uncertain.

Without a significant shift in market structure, SHIB will likely trade between $0.0000050 and $0.000010 over the next 6-12 months. This would translate to a 150-200% potential upside from current levels. However, substantial downside risk remains if selling pressure overwhelms buy orders. SHIB could revisit the COVID crash lows around $0.00000013 in a bearish scenario, though macroeconomic trends would likely need to worsen.

Patient crypto investors with a higher risk tolerance may consider accumulating SHIB during periods of weakness. But chasing upside potential comes with heavy risks given SHIB's speculative nature. Limit position size and utilize stop losses. Alternatively, traders can look to trade short-term bounces in the choppy $0.0000050-0.000010 range. Though upside potential exists long-term, uncertainty persists around Shiba Inu's price floor.

Will Shiba Inu Reach $0.0001 in 2023?

Shiba Inu reaching $0.0001 at some point in 2023 is certainly a possibility, but the probability appears relatively low barring an unforeseen breakout catalyst. For SHIB to reach this psychological level, its market capitalization would need to surge over 400% from current levels to pass $20B. While crypto can move exponentially, this would require a massive infusion of buying pressure.

The technical picture does not necessarily support a move of this magnitude in the near term. As discussed earlier, SHIB faces significant resistance just below $0.000010 and continues trading in a defined range. Bulls have failed to gain traction on several rallies to this area. Sentiment and social momentum around the meme coin have also declined from 2021 highs.

However, if the crypto hype cycle kicks into high gear, all bets are off. Shiba Inu has proven the ability to rally thousands of percent quickly amid viral sensations. With speculation so high, another massive spike could happen if enough traders pile in. But whether this materializes in 2023 is far from certain. The project would likely need major adoption wins or utility expansion to spark such euphoric interest again.

In summary, while $0.0001 is within the realm of possibility, Shiba Inu reaching this level in 2023 seems more hopeful than expectant. Conservative traders should exercise caution and manage risk appropriately. But keeping a small SHIB position for speculative upside makes sense for risk tolerant investors. If crypto markets heat up, SHIB could always surprise to the upside once more.

Can Shiba Inu Realistically Reach $0.01 Long-Term?

While many Shiba Inu holders are hopeful of seeing SHIB hit $0.01 eventually, the probability of this appears extremely slim barring unprecedented and sustained parabolic rallies. For SHIB to reach one cent, its market capitalization would need to surge over 60,000-fold from current levels and eclipse $5 trillion. To put this figure into perspective, it would make SHIB over 5 times more valuable than Apple, the world's largest publicly traded company.

For such tremendous gains to materialize, Shiba Inu adoption would need to become virtually ubiquitous globally. Hundreds of millions of users would need to own and frequently transact in SHIB, essentially making it a "global currency" bought by institutional investors. This extreme scenario cannot reasonably be ruled out decades into the future, but it is highly improbable even over a long-term horizon.

Meteoric rises like DOGE and SHIB saw require once-in-a-generation viral sensations and hype. Lightning rarely strikes the same place twice. While SHIB could potentially reach one cent during a blow-off top type event, sustaining over a $5 trillion valuation as an ongoing norm appears effectively impossible without cataclysmic industry disruption.

Shiba Inu certainly still has room to run from current prices, especially amid speculative manias. But expectations need to remain realistic. Reaching one cent would require virtually every person in the developed world becoming a SHIB owner. Unless the fundamental economics radically change, $0.01 remains an extreme long-shot. Setting prudent goals and managing risk is key for sustainable SHIB investing.